The Council of Ministers of 6 October examined and approved a draft finance bill for 2016 which includes some new incentives to investments especially in the mining and industrial sectors and for any partnership with foreign partners. The Council of Ministers also examined and approved a draft bill concerning investments which aims at adapting the legal regime for investments given the country’s financial situation, to improve the attractiveness of the investment legislation.
In this respect, the abrogation of some existing provisions is proposed and in particular:
- the one regarding the need to show positive foreign currencies balance for foreign investors, in order to encourage partnerships reducing imports;
- the one regarding investments made before 2009 subject to the national ownership (51/49%) in case of change to the commercial registry;
- and the obligation of local financing for foreign investors.
The text also proposed to soften the exercice by the State of its preemption right in case of sale outside of the country, by a foreign investor, of its shares in a project located in Algeria.